I love the ability to work with very good managers, and to provide the right incentives for them, and truly become a partner with that management, and make that management take a long view.

Whales who come up and spout off get harpooned.

Going public is not a business plan.

As I said there is nothing wrong with failing. Pick yourself up and try it again. You never are going to know how good you really are until you go out and face failure.

And make sure that capital structure we have in place is the right capital structure. I think that's the reason that we've been successful.

In the large buy out space, which is where we (Kohlberg Kravis Roberts) focus our efforts, there are relatively few firms with the capital, experience, infrastructure and networks to compete effectively with the large complex companies that we seek to acquire.

It's not just buying the company. Sure, we picked the right companies, and we picked the right management and, most importantly, we've given them the right incentive to perform.